An insurer shall maintain a risk management framework to assist the insurer with identifying, assessing, monitoring, managing, and reporting on its material and relevant risks. The requirement of this Section may be satisfied if the insurance group of which the insurer is a member maintains a risk management framework applicable to the operations of the insurer.
215 ILCS 5/129.3
Risk management framework
Known as the Risk Management and Own Risk and Solvency Assessment Law
The act spans §§ 215-5-129 to 215-5-129-9 (10 sections).
P.A. 98-910, eff. 7-1-15.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.